The EEA formed in March 2017 as a collaborative effort exploring the development and implementation of blockchain solutions across economic sectors. Its membership base now runs into the hundreds, with participation from entities including Microsoft, Hyperledger and various other international banks such as Santander and Russia’s Sberbank.

A formal association with Hyperledger, which itself offers enterprise-grade blockchain tools, came in October last year.

The EEA also publishes informational material such as blockchain standards documents, among which was a dedicated effort for the telecoms industry in August.

Increasing blockchain maneuvers

“We are excited to be a part of the EEA and look forward to opportunities where we can collaborate with other leading industry players to deepen blockchain research and application in the banking sector,” Gorriz added.

Standard Chartered has already made inroads into blockchain utilization. As Cointelegraph reported, the bank recently completed a supply chain financing scheme and used the technology to send a cross-border letter of credit transaction.